Credit and Debit Cards to
disappear. Here's why

With India embracing applications of technologies at an accelerated pace, digital transactions will be done through mobile wallets and biometric modes and credit and debit cards as also ATMs were set to disappear, Niti Aayog CEO Amitabh Kant has said.

"Technology will be a key driver of India's growth," Kant said while launching the Trade and Investment Facilitation Services (TIFS) of the PHD Chamber of Commerce and Industry (PHDCCI) here on Friday evening.

"Physical banking in India is almost dead and it is adopting pervasive technologies with such an accelerated pace that in next three to four years, the digital transactions would move through mobile wallet and biometric modes," he said. "Credit cards, debit cards and ATMs will disappear."

Kant said that India was growing 7.6 per cent annually in the midst of a very barren barren economic landscape across the world.

"The population in America and Europe will keep getting older while that of India will keep getting younger," he said.

In terms of ease of doing business, he said that in the last year "we scrapped 1200 laws".

Stating that India was larger than 24 European countries, Kant said that states should appear as champions of growth.

He declared that India would continue to globalise and dismantle rules and regulations that adversely affected inbound investments. It would also create conditions for expansion of its economy.

"Despite (US President Donald) Trump talking of protectionism (of US economy), there is no talk of protectionism here," the Niti Aayaog CEO said.

"India believes in globalisation and it will continue to globalise and shall never talk of protectionism. As a result, it will emerge as an economy that would attract investments and growth and make India a hub of economic engagements par excellence."

Stating that there is energy and dynamism in the young start-up sector, he said that India has become the centre of innovation in many ways.

"Around 1500 companies have located their innovation centres in Hyderabad and Bangalore... India is the centre of frugal engineering."

Kant also said India would see a lot of urbanisation in the times to come and technology would play a key role in this..

Speaking on the occasion, Amar Sinha, Secretary (Economic Relations) in the Ministry of External Affairs, said that it was healthy sign that states were competing with each other in terms of growth.

But he advised Indian industries to look outside as there were huge opportunities lying there.

"There are new opportunities in Africa and the Gulf," he said, adding that India's focus would be on energy and food security and manufacturing.

Canadian High Commissioner to India Nadir Patel, who was also present, said that India-Canada bilateral ties were at the highest point.

He attributed this to Prime Ministers Narendra Modi and Justin Trudeau "connecting well" with each other.

But he lamented that two-way trade between India and Canada stood at only $8 billion and said that this has to increase.

US Acting Deputy Chief de Mission George N. Sibley said that India-US cooperation would help the whole world.

"We have held two government-to-government strategic commercial dialogues," Sibley said. "We consider the prosperity of India is in our national interest."

PHDCCI President Gopal Jiwarajka said that the newly launched TIFS would provide a valuable and qualitative aid to international investment in India.

He said that TIFS would provide a secure and personalised single entry point to all trade and investment related information in the Indian economy, which has the potential to become a $100-billion investment destination by 2022.